Why CleanSpark (CLSK) Stock Got Crushed Today

Shares of CleanSpark CLSK, an energy-technology and cryptocurrency-mining company, dropped significantly in Tuesday’s trading session after it reported Q3 earnings. After falling as much as 22% earlier in the day, CLSK closed down 15.2%.

Revenue of $11.9 million missed analyst expectations despite increasing 250% year-over-year. Most of this growth came from CleanSpark’s Bitcoin mining business. The company mined a record 191 tokens during the period, which brings its total to 301.4 Bitcoin on its balance sheet. But investors were shocked at the size of CLSK’s net loss: $16.7 million, or -$0.49 per share. Wall Street was anticipating a profit instead.

Management still raised its full-year guidance, and now projects revenue in the range of $49 million to $62 million. However, much of this new outlook is reliant on the price of Bitcoin shooting higher to the $47,000 level.

CLSK is now down more than 61% year-to-date.

Bitcoin, Like the Internet Itself, Could Change Everything

Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.

Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.

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